Report Industry Investment Rating No relevant information provided. Core View of the Report - The current macro - background is favorable for precious metals, especially the price increase of silver. It is recommended to buy on dips. The reference operating range for the main contract of Shanghai Gold is 816 - 860 yuan/gram, and for the main contract of Shanghai Silver is 9710 - 10800 yuan/kilogram [2][3] Summary by Relevant Content Market Quotes - Shanghai Gold rose 0.78% to 839.08 yuan/gram, Shanghai Silver rose 0.88% to 10116.00 yuan/kilogram; COMEX Gold fell 0.01% to 3718.50 US dollars/ounce, COMEX Silver rose 0.43% to 43.15 US dollars/ounce. The US 10 - year Treasury yield was reported at 4.06%, and the US dollar index was reported at 97.33 [2] - Various precious metal - related varieties showed different price and volume changes. For example, Au(T + D) fell 0.28% to 828.03 yuan/gram, and London Silver rose 2.88% to 42.26 US dollars/ounce [4] Market Expectations - Trump said there would be significant interest rate cuts, and the nominee for the Fed governor, Milan, was about to be confirmed. The market expected a 95.9% probability of a 25 - basis - point interest rate cut by the Fed in this meeting, and also priced in 25 - basis - point cuts in the October and December meetings [2] Historical Performance and Driving Factors - Historically, gold benefits from the expansion of the US fiscal deficit, while the rise in silver prices is driven by the Fed's loose monetary policy expectations. Powell's speech marked the start of a new round of Fed interest - rate cut cycle [3] Key Data Summary - Comprehensive data on gold and silver, including closing prices, trading volumes, open interests, inventories, and historical quantiles of various contracts in different markets, were presented [6] Charts and Data Sources - Multiple charts showed the relationship between precious metal prices, trading volumes, open interests, and other factors, as well as the structure of near - and far - month contracts. The data sources were mainly WIND and the research center of Minmetals Futures [7][21]

Market Overview - The three major U.S. stock indices collectively rose, with the Dow Jones up 0.31%, Nasdaq up 0.68%, and S&P 500 up 0.50% [1] - Chinese concept stocks showed mixed performance, with Bilibili and Li Auto rising over 7%, while Fangdd fell over 7% [1] Individual Stock Movements - Tesla shares increased by over 5% following Elon Musk's purchase of more than 2.5 million shares [2] - Google shares rose over 4%, reaching a historic high with a market capitalization surpassing $3 trillion [3] Central Bank Developments - A "central bank super week" is anticipated, with the Federal Reserve, Bank of Japan, Bank of Canada, and Bank of England set to announce interest rate decisions [4] - President Trump exerted pressure on the Federal Reserve, predicting a significant rate cut during the upcoming meeting [5] Precious Metals Forecast - A top European strategist predicts a surge in precious metals, forecasting gold prices to reach $4,000 per ounce and silver to $50 per ounce within the next six months [6] Company News - Nvidia is under further investigation by China's market regulator for violating antitrust laws related to its acquisition of Mellanox Technologies [7] - Elon Musk's significant purchase of Tesla shares, valued at approximately $1 billion, has contributed to the stock's rise [8] - Tesla's German factory plans to increase electric vehicle production due to strong sales data, with positive signals expected across all supplied markets [10][11]

据悉，水贝是全国最大、发展水平最高、产业链条最完善的黄金珠宝集聚区。公开信息显示，深圳罗湖 拥有黄金珠宝行业法人企业近7000个，1万平方米以上的专业批发市场10个，从业人员超过6.4万人，营 业收入超1200亿元，是我国较大的黄金珠宝产业集散地。 今年年内，受多种因素影响，黄金价格屡屡突破历史新高。据Wind数据，截至发稿，伦敦现货黄金报 3637美元/盎司，年内涨幅达28% 深圳市黄金珠宝首饰行业协会也提醒，贵金属投资属市场行为，本身存在一定风险，请广大投资者基于 可靠信息理性判断、稳健决策。 南方财经记者 张晓慧 深圳报道 近期，网络上出现有关"水贝多家黄金料商暴雷、跑路"传言，称"十余家水贝黄金料商突然关闭经营场 所、终止联络，导致下游商户预付资金难以追回，涉及下游批发商户超百家。" 9月15日，南方财经从深圳市黄金珠宝首饰行业协会了解到，协会已关注到相关情况，网络传言存夸 大、不实情况。经协会实地走访，网传名单中的多家企业目前仍正常经营。目前，针对个别出现问题的 企业，公安部门已依法介入，涉及商户可以通过法律途径维权，建议理性看待网络传言，不轻信、不传 播未经证实的信息。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The U.S. Bureau of Labor Statistics significantly revised down the total non - farm employment in March, and the U.S. August PPI data was lower than expected, leading to an increase in the market's expectation of multiple interest rate cuts within the year, and the precious metal prices continued to rebound. - Trump's influence on the Fed's independence is evident. The results of trade negotiations between the U.S. and multiple countries have been finalized, and the tariff increase is generally lower than market expectations, leading to an increase in the market's optimistic expectation of a trade agreement between the U.S. and Europe. - The market expects a 25 - basis - point interest rate cut in September. The number of initial jobless claims in the U.S. last week exceeded expectations. Powell said that the changing economic risks give the Fed more reasons to cut interest rates, and the impact of tariffs on consumer prices is unlikely to be sustained. - The U.S. economic data is trending weaker, and the market is worried about the U.S. fiscal situation and geopolitical prospects. It is expected that the precious metal prices will have support at the bottom. It is recommended to pay attention to the U.S. September interest rate decision announced on Thursday [11]. 3. Summary According to the Directory 3.1 Market Review - Due to the U.S. August PPI data being significantly lower than expected and the market's increased expectation of the number of Fed interest rate cuts within the year, the price of U.S. gold continued to rise. As of last Friday, U.S. gold closed at $3,681 per ounce, up 1.1% within the week. The upper resistance level is $3,740, and the lower support level is $3,600 [6]. - Due to the same reasons, the price of U.S. silver continued to rise. As of last Friday, it had a weekly increase of 2.8%, closing at $42.7 per ounce. The lower support level is $40.5, and the upper resistance level is $44 [9]. 3.2 Weekly View - The factors mentioned above lead to the continuation of the precious metal price rebound. The market expects a 25 - basis - point interest rate cut in September. The U.S. economic data is weakening, and there are concerns about the fiscal situation and geopolitical prospects, so the precious metal prices are expected to have support at the bottom. Attention should be paid to the U.S. September interest rate decision announced on Thursday [11]. - Gold: COMEX inventory decreased by 1,347 kilograms to 1,210,376.87 kilograms this week, while SHFE inventory increased by 9,615 kilograms to 52,950 kilograms. - Silver: COMEX inventory increased by 281,642.11 kilograms to 16,404,708.42 kilograms this week, while SHFE inventory decreased by 18,840 kilograms to 1,246,569 kilograms. - This week, the net long position of gold CFTC speculative funds was 255,351 contracts, an increase of 10,919 contracts compared with last week; the net long position of silver CFTC speculative funds was 50,889 contracts, a decrease of 1,848 contracts compared with last week. - Strategy suggestion: Trade cautiously and within the range. Refer to the operating range of 815 - 855 for the Shanghai Gold 10 - contract and 9,700 - 10,500 for the Shanghai Silver 10 - contract [13]. 3.3 Overseas Macroeconomic Indicators Although there are a lot of data charts provided, no specific analysis or summary information is given in the text. 3.4 Important Economic Data of the Current Week - The U.S. August CPI annual rate unadjusted was 2.9%, the same as the expected value and higher than the previous value of 2.7%. - The U.S. August PPI annual rate was 2.6%, lower than the expected value of 3.3% and the same as the previous value [28]. 3.5 Important Macroeconomic Events and Policies of the Current Week - From April 2024 to March 2025, the total non - farm employment in the U.S. was revised down by 911,000, with an average monthly decrease of 76,000. The expected revision was 682,000, and this is the largest revision since 2009. The number of initial jobless claims in the U.S. for the week ending September 6 rose to 263,000, reaching the highest point in nearly four years, further reflecting the cooling of the labor market. - The U.S. Bureau of Labor Statistics announced that the consumer price index (CPI) in August increased by 0.4% month - on - month, higher than the expected 0.3%, recording the largest increase in seven months; the year - on - year growth rate was 2.9%, also higher than 2.7% in July. The core CPI excluding food and energy increased by 0.3% month - on - month and 3.1% year - on - year, in line with market expectations [29]. 3.6 Inventory - Gold: COMEX inventory decreased by 1,347 kilograms to 1,210,376.87 kilograms, and SHFE inventory increased by 9,615 kilograms to 52,950 kilograms. - Silver: COMEX inventory increased by 281,642.11 kilograms to 16,404,708.42 kilograms, and SHFE inventory decreased by 18,840 kilograms to 1,246,569 kilograms [13]. 3.7 Fund Holdings - As of September 9, the net long position of gold CFTC speculative funds was 255,351 contracts, an increase of 10,919 contracts compared with last week. - As of September 9, the net long position of silver CFTC speculative funds was 50,889 contracts, a decrease of 1,848 contracts compared with last week [13]. 3.8 Key Points to Focus on This Week - On Tuesday (September 16), 20:30, the U.S. August retail sales month - on - month rate. - On Thursday (September 18), 20:30, the number of initial jobless claims in the U.S. for the week ending September 13 [40].

Core Viewpoint - The Federal Reserve's dovish signals and economic data have led to increased expectations for interest rate cuts, positively impacting precious metal prices, particularly gold and silver [2][4]. Group 1: Precious Metals Market - Gold prices rose to $3,631, nearing historical highs, with a strong upward trend supported by a 94% probability of rate cuts [1]. - Silver prices surged to $41.77, breaking the previous resistance level of $41.67, confirming an upward trend with higher highs and higher lows [1][3]. - Platinum remained stable at $1,383, supported by the 50-day moving average, but lagged behind gold and silver due to a lack of strong catalysts [1]. Group 2: Economic Indicators - Recent economic data has shown a "dovish" trend, with significant downward revisions in non-farm payrolls and a deflationary state in the Producer Price Index (PPI), creating favorable conditions for the Fed to initiate a rate cut [2][4]. - The Consumer Price Index (CPI) for August increased by 2.9% year-on-year, indicating persistent inflation, while initial jobless claims rose to 263,000, the highest in nearly four years, signaling a cooling job market [4]. Group 3: Market Sentiment and Future Outlook - The expectation of rate cuts has created a dual benefit for precious metals by suppressing the dollar and real interest rates, enhancing their attractiveness as investment assets [3]. - The ongoing discussions regarding the Federal Reserve's leadership and potential reforms to reduce its balance sheet are contributing to market uncertainty, which may further support precious metal prices [4].

Group 1: Report Industry Investment Rating - The precious metals sector is recommended to maintain a buy-on-dip strategy, with a focus on the upward potential of silver prices [3] Group 2: Core Viewpoints of the Report - The slightly higher-than-expected US CPI data and the significant weakening of the US labor market's weekly data have led to an increase in market expectations of the Fed's subsequent marginal easing, providing support for gold and silver prices [2] - The current weakness in the US labor market, combined with significantly moderated inflation data, has led the market to expect the Fed to conduct three interest rate cuts during the remaining policy meetings this year [3] Group 3: Summary by Relevant Catalogs Market Performance - On September 12, 2025, Shanghai gold (Au) fell 0.49% to 829.26 yuan/gram, and Shanghai silver (Ag) rose 0.84% to 9,886 yuan/kilogram; COMEX gold rose 0.05% to 3,675.30 US dollars/ounce, and COMEX silver fell 0.22% to 42.06 US dollars/ounce; the US 10-year Treasury yield was 4.01%, and the US dollar index was 97.52 [2] - The US 8-month CPI year-on-year was 2.9%, in line with expectations and higher than the previous value of 2.70%; the seasonally adjusted CPI month-on-month was 0.4%, higher than the expected 0.30% and the previous value of 0.20%; the unadjusted core CPI year-on-year was 3.1%, and the seasonally adjusted core CPI month-on-month was 0.3%, in line with expectations and the previous value [2] - On the week of September 6, the number of initial jobless claims in the US was 263,000, significantly higher than the expected 235,000 and the previous value of 236,000, indicating a significant weakening of the US labor market [3] Market Outlook - Given the current situation, the precious metals sector is advised to maintain a buy-on-dip strategy, with a focus on the upward potential of silver prices. The reference operating range for the main contract of Shanghai gold is 809 - 850 yuan/gram, and for Shanghai silver, it is 9,526 - 11,000 yuan/kilogram [3] Data Comparison - A detailed comparison of various precious metals' closing prices, trading volumes, open interests, inventories, and other data between September 10 and 11, 2025, is presented, including data from COMEX, LBMA, SHFE, and other markets [6] Price and Volume Charts - Multiple charts show the relationships between precious metals prices, trading volumes, open interests, and other factors, as well as their historical trends and seasonal patterns [8][10][12] Internal and External Price Differences - Statistics on the internal and external price differences of gold and silver on September 11, 2025, are provided, including the price differences between SHFE and COMEX, SGE and LBMA, etc. [51]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, although the precious metals market experiences high - level fluctuations due to "buy the rumor, sell the fact", factors such as the unexpected decline in the US August PPI and the cooling of the US employment market increase the probability of a Fed rate cut in September and raise the expectation of a 50bp cut, so precious metal prices are still supported. Before the rate cut is implemented, precious metal prices are expected to remain at high levels, but investors should beware of increased volatility. Gold long positions can be held [5]. - In the long - term, with Fed rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to move up [5]. 3. Summary by Relevant Catalogs Price Tracking - On September 10, 2025, compared with September 9, London gold spot decreased by 0.1% to $3641.89/ounce, London silver spot decreased by 0.6% to $41.02/ounce, COMEX gold decreased by 0.2% to $3680.00/ounce, and COMEX silver decreased by 0.9% to $41.47/ounce. AU2510 was at 833.42 yuan/gram with a 0.1% decrease, and AG2510 was at 9796 yuan/kg with a 0.5% decrease. AU (T + D) decreased by 0.2% to 829.50 yuan/gram, and AG (T + D) decreased by 0.6% to 9771 yuan/kg [5]. - Regarding price spreads, from September 9 to 10, the gold TD - SHFE active price spread increased by 12.6%, the silver TD - SHFE active price spread increased by 47.1%, the gold internal - external price spread (TD - London) increased by 53.3%, and the silver internal - external price spread (TD - London) decreased by 0.2%. The SHFE gold - silver ratio increased by 0.4%, and the COMEX gold - silver ratio increased by 0.7% [5]. Position Data - As of September 9, 2025, compared with September 8, the gold ETF - SPDR remained unchanged at 979.68 tons, the silver ETF - SLV decreased by 0.45% to 15069.6026 tons. COMEX gold non - commercial long positions increased by 14.52% to 315796 contracts, and non - commercial short positions increased. COMEX silver non - commercial long positions increased by 16.43% to 249530 contracts, and non - commercial short positions decreased by 14.79% to 18543 contracts [5]. Inventory Data - On September 10, 2025, compared with September 9, SHFE gold inventory increased by 3.46% to 45951 kg, and SHFE silver inventory increased by 0.15% to 1252170 kg. COMEX gold inventory decreased by 0.21% to 38912305 troy ounces, and COMEX silver inventory increased by 0.35% to 520707139 troy ounces [5]. Interest Rates/Exchange Rates/Stock Market - On September 10, 2025, compared with September 9, the US dollar/Chinese yuan central parity rate increased by 0.08% to 7.11. The US dollar index increased by 0.33% to 97.77, the 2 - year US Treasury yield increased by 1.43% to 3.54%, the 10 - year US Treasury yield increased by 0.74% to 4.08%, the VIX decreased by 0.46% to 15.04, the S&P 500 increased by 0.27% to 6512.61, and NYMEX crude oil increased by 0.50% to 62.77 [5]. Market Review - On September 10, the main contract of Shanghai gold futures closed up 0.21% at 833.42 yuan/gram, and the main contract of Shanghai silver futures closed down 0.72% at 9796 yuan/kg [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The medium to long - term outlook for precious metals is bullish, but in the short - term, London gold and silver may face correction pressure due to overbought technical indicators. The inflation data is not expected to support a 50BP rate cut, and economic or employment deterioration is the main driving factor. The recommended strategy is to buy on dips, and existing long positions can be reduced on rallies [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, the precious metals market oscillated at high levels. Investors are waiting for the US August CPI data to guide the rate cut amplitude in mid - September. Since the end of August, the strength of precious metals has been mainly affected by the enhanced expectation of Fed easing and the significant decline in long - term US Treasury yields. The market focus is on the Fed's rate cut expectation, personnel adjustment and independence issues, and bond market risks. COMEX gold 2512 contract closed at $3680.4 per ounce, down 0.05%; US silver 2512 contract closed at $41.65 per ounce, up 0.75%. SHFE gold 2510 main contract closed at 833.42 yuan per gram, up 0.21%; SHFE silver 2510 contract closed at 9796 yuan per kilogram, down 0.72%. The US August PPI data supported the September rate cut expectation and did not rule out the possibility of a 50BP rate cut [2]. 3.2 Rate Cut Expectation and Fund Holdings - The expectation of a rate cut within the year has slightly declined, and the expectation of a 50BP rate cut in September has cooled. According to CME's "FedWatch" data, the probability of the Fed keeping the interest rate unchanged in September is 0%, the probability of a 25 - basis - point rate cut is 92%, and the probability of a 50 - basis - point rate cut is 8%. The SPDR Gold ETF's holdings slightly increased by 0.27 tons to 979.95 tons; the iShares Silver ETF's holdings were 15069.6 tons. SHFE silver inventory increased by 1.9 tons to 1252.2 tons, and SGX silver inventory decreased by 35.3 tons to 1248.3 tons as of the week ending September 5 [3]. 3.3 This Week's Focus - This week, the main data to focus on is the US CPI data at 20:30 on Thursday. In terms of events, this week is the blackout period for Fed officials before the September 18 Fed interest rate decision. At 20:15 on Thursday, the European Central Bank will announce its interest rate decision [3]. 3.4 Price and Inventory Data - **Precious Metal Futures and Spot Prices**: The table shows the latest prices, daily changes, and daily change rates of various precious metal contracts, including SHFE gold and silver, SGX gold and silver, CME gold and silver, etc. For example, SHFE gold main - continuous contract was at 833.42 yuan per gram, down 1.06 yuan or 0.13% [4][5]. - **Inventory and Holdings**: The table presents the latest values, daily changes, and daily change rates of various inventories and holdings, such as SHFE gold and silver inventories, CME gold and silver inventories, SPDR gold holdings, and SLV silver holdings. For instance, SHFE gold inventory was 45951 kilograms, up 1536 kilograms or 3.46% [15]. - **Stock, Bond, and Commodity Summary**: The table shows the latest values, daily changes, and daily change rates of various financial indicators, including the US dollar index, US dollar - to - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot price, LmeS copper 03 price, 10 - year US Treasury yield, etc. For example, the US dollar index was at 97.8197, up 0.0573 or 0.06% [18].

1. Report Industry Investment Rating - The precious metals sector is recommended to maintain a buy-on-dip approach, with a focus on the upward potential of silver prices. The reference trading ranges are 809 - 850 yuan/gram for the main Shanghai Gold futures contract and 9526 - 11000 yuan/kilogram for the main Shanghai Silver futures contract [3]. 2. Core View of the Report - The inflation data released in the US was significantly lower than expected, and the US labor market has weakened, increasing market expectations for the Fed's subsequent easing policies. It is believed that the Fed will conduct more than three interest rate cuts in the remaining interest rate meetings this year, which is more than the market expects [2][3]. 3. Summary by Relevant Catalogs Market Performance - Shanghai Gold (Au) rose 0.21% to 835.16 yuan/gram, and Shanghai Silver (Ag) rose 0.47% to 9817.00 yuan/kilogram. COMEX Gold fell 0.09% to 3678.80 dollars/ounce, and COMEX Silver rose 0.11% to 41.65 dollars/ounce. The US 10-year Treasury yield was 4.04%, and the US Dollar Index was 97.79 [2]. Inflation Data - The US August PPI year-on-year value was 2.6%, significantly lower than the expected 3.3% and the previous value of 3.3%. The month-on-month value was -0.1%, significantly lower than the expected 0.3% and the previous value of 0.7%. The US August core PPI year-on-year value was 2.8%, lower than the expected 3.5% and the previous value of 3.4%. The month-on-month value was -0.1%, lower than the expected 0.3% [2]. Labor Market Data - From April 2024 to March 2025, the US private - sector non - farm employment data was revised down by 880,000, and the government - sector employment was revised down by 31,000. The total non - farm employment was revised down by 911,000, significantly higher than the market expectation of 700,000, Besant's expectation of 800,000, and the previous value of 598,000 [3]. Key Data of Gold and Silver - For gold, on September 10, 2025, the COMEX closing price (active contract) was 3680.40 dollars/ounce, up 0.45%. The SHFE closing price (active contract) was 833.42 yuan/gram, down -0.13%. - For silver, on September 10, 2025, the COMEX closing price (active contract) was 41.65 dollars/ounce, up 0.71%. The SHFE closing price (active contract) was 9796.00 yuan/kilogram, down -0.51% [7].

Group 1: Cryptocurrency Market Overview - The cryptocurrency market has seen over 70,000 liquidations, with a total liquidation amount of $125 million [5] - Major cryptocurrencies like Bitcoin and Ethereum have experienced significant price drops, with Bitcoin nearing $110,000 and trading volume down by 70% [5] - Other cryptocurrencies such as XRP and SOL also faced similar declines in trading volume, approximately 70% and 60% respectively [5] Group 2: Trading Volume and Price Changes - Bitcoin's trading volume decreased to $32.33 billion, reflecting a 70.95% drop in the last 24 hours [2] - Ethereum's trading volume fell to $43.57 billion, down 63.72% [2] - SOL's trading volume was reported at $9.40 billion, a decrease of 58.83% [2] Group 3: Precious Metals Market - In contrast to the cryptocurrency market, precious metals prices have collectively risen, with spot gold briefly surpassing $3,600 per ounce [2] - The World Gold Council reported that gold ETFs saw a net inflow of $5.5 billion in August, primarily from North America and Europe [3] - Gold prices increased by 4% in August, reaching $3,429 per ounce, with a year-to-date increase of 31% [3]